The European Union has introduced a new procedure to facilitate cross-border debt recovery, which aims to preserve funds and recover bad debt.BackgroundRegulation No. 655/2014 (the Regulation) was introduced to preserve funds and allow recovery of bad debt across EU borders. The European Commission estimated that the Regulation will lead to the recovery of €373 million–€600 million per year. However, this is not the only impact of the Regulation—it also provides shared rules regarding the procedure for issuing an order, a disclosure order relating to banking information, enforcement standards, and available remedies.To achieve its aims, the Regulation has created European Account Preservation Orders (EAPOs) (commonly referred to as “Preservation Orders” in the Regulation text), which are available as an alternative to any instrument available under the relevant national law. EAPOs are separate and standalone Europe-wide orders, which enable creditors to apply without notice to prevent transfer or withdrawal of funds held by a debtor in a bank account maintained in another member state.The Regulation was published in the Official Journal of the European Union on 27 June, following a meeting of the Council of the European Union (Council). As confirmed in Article 54, the Regulation will enter into force on 18… Read full this story
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